Results 1 to 5 of 5

Thread: Debt ceiling battle tab: $1 billion-plus

  1. #1
    Gradualist

    Join Date
    Apr 2011
    Last Seen
    09-25-17 @ 12:48 PM
    Lean
    Socialist
    Posts
    34,949
    Blog Entries
    6

    Debt ceiling battle tab: $1 billion-plus

    Remember that nasty and protracted fight to raise the nation’s debt ceiling last summer?
    It cost taxpayers a pretty penny: $1.3 billion.

    That’s how much the government paid to cover additional costs of borrowing money during the epic debt battle that dominated Washington last summer, as investors grew jittery over the delay. That uncertainty led to higher borrowing costs for the federal government, according to a Government Accountability Office report released Monday.

    “Delays in raising the debt limit can create uncertainty in the Treasury market and lead to higher Treasury borrowing costs,” the watchdog agency said. “GAO estimated that delays in raising the debt limit in 2011 led to an increase in Treasury’s borrowing costs of about $1.3 billion in fiscal year 2011.”


    Isnt that a bit ironic??? I think so.

    Read more: Debt ceiling battle tab: $1 billion-plus - Seung Min Kim - POLITICO.com


    Thoughts?
    Comments?
    Response?


  2. #2
    defected to kekistan
    beerftw's Avatar
    Join Date
    Nov 2011
    Location
    kekistan
    Last Seen
    12-13-17 @ 01:42 AM
    Gender
    Lean
    Socialist
    Posts
    13,376

    Re: Debt ceiling battle tab: $1 billion-plus

    1.3 billion cost made me laugh,the government can spend that in seconds,yet you cry about it,but not about all of obamas corporate welfare or hid drone strikes that cost alot??????
    “[The metric system is the tool of the Devil! My car gets forty rods to the hogshead, and that’s the way I likes it!” – Abe “Grampa” Simpson”

  3. #3
    Sage
    AdamT's Avatar
    Join Date
    Jul 2011
    Last Seen
    02-13-13 @ 04:09 PM
    Gender
    Lean
    Undisclosed
    Posts
    17,773

    Re: Debt ceiling battle tab: $1 billion-plus

    Quote Originally Posted by beerftw View Post
    1.3 billion cost made me laugh,the government can spend that in seconds,yet you cry about it,but not about all of obamas corporate welfare or hid drone strikes that cost alot??????
    You make me laugh. Last time I checked $1.3 billion is more than double the cost of the Solyndra loan that conservatives have been howling about for months. And because the debt-ceiling debacle resluted in higher financing costs, the total will continue to rise for years to come.
    "The necessaries of life occasion the great expense of the poor. They find it difficult to get food, and the greater part of their little revenue is spent in getting it. The luxuries and vanities of life occasion the principal expense of the rich, and a magnificent house embellishes and sets off to the best advantage all the other luxuries and vanities which they possess. ... It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion."

    -- Adam Smith

  4. #4
    Sage

    Join Date
    Nov 2009
    Last Seen
    Today @ 12:36 AM
    Gender
    Lean
    Slightly Liberal
    Posts
    8,358

    Re: Debt ceiling battle tab: $1 billion-plus

    Quote Originally Posted by AdamT View Post
    You make me laugh. Last time I checked $1.3 billion is more than double the cost of the Solyndra loan that conservatives have been howling about for months. And because the debt-ceiling debacle resluted in higher financing costs, the total will continue to rise for years to come.
    Higher financing costs for years? Looked at the 10 year treasury rate recently???

  5. #5
    Sage
    AdamT's Avatar
    Join Date
    Jul 2011
    Last Seen
    02-13-13 @ 04:09 PM
    Gender
    Lean
    Undisclosed
    Posts
    17,773

    Re: Debt ceiling battle tab: $1 billion-plus

    Quote Originally Posted by washunut View Post
    Higher financing costs for years? Looked at the 10 year treasury rate recently???
    Yes, I have. Have you looked at the GAO report that this thread references? They are talking about financing costs incurred LAST year that we will continue to pay on for many years.
    "The necessaries of life occasion the great expense of the poor. They find it difficult to get food, and the greater part of their little revenue is spent in getting it. The luxuries and vanities of life occasion the principal expense of the rich, and a magnificent house embellishes and sets off to the best advantage all the other luxuries and vanities which they possess. ... It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion."

    -- Adam Smith

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •